The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
500 jobs Number of planned job losses
Announcement Date
8 August 2007
Employment effect (start)
Foreseen end date
30 June 2008
Description
Royal & Sun Alliance, a firm that provides insurance products, is to cut 500 jobs in the UK as part of a plan to reduce costs by 70 million GBP. The group's chief executive Andy Haste said the firm would work with its unions to try to minimise the necessary number of redundancies. The firm’s announcement came as the insurer reported better than expected profits for the first half of 2007. Group operating profits were 403 million GBP, against expectations of about 350 million GBP. Pre-tax profits for the period rose 2.3 per cent to 338 million GBP.
The firm added that it had achieved an annual cost savings target of 130 million GBP ahead of schedule, and it now intended to make a further 70 million GBP in cost cuts by the middle of 2008.
Sources
8 August 2007: BBC Website
Citation
Eurofound (2007), Royal & Sun Alliance, Internal restructuring in United Kingdom, factsheet number 65686, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65686.
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